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121.Match the appropriate equation with the correct terminology. ? 1) ? 2) ?? 3) ? 4) ? 5) 122.Beginning December 31, 2021, eight equal annual withdrawals will be made. ? Required: Using the appropriate tables, determine the equal annual withdrawals if $30,000 is invested at an interest rate of 14% compounded annually on: 1) January 1, 2021 2) December 31, 2021 3) January.
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An organization has several key financial players with various duties. Required: Enter the identifying letters in the blanks below to indicate the player that best matches each description. Chief Executive Officer Chief Financial Officer A.      Chief Internal Auditor B.      Controller C.      Treasurer a._____ Ensures that the organization raises the required capital at the lowest cost and uses the.
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Some argue that accounting systems only measure costs and not opportunity costs. Do you agree? 11.Would firms engage auditors to certify their financial statements even if they are not required to do so? (Hint: Think about the credibility of unaudited statements). Also discuss why reputation is an auditor’s primary asset.   Suppose that.
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109.Using the compound interest tables, answer each of the following questions. Required: a. What is the present value on January 1, 2014, of $50,000 due on January 1, 2020, and discounted at 7% compounded annually? b. What is the present value on January 1, 2014, of $8,000 due on January 1, 2022, and discounted at.
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21.Ethics relate primarily to the decision-making step of the Decision Framework. 22.The Foreign Corrupt Practices Act of 1977 prohibits managers from giving or taking bribes unless such acts are part of the normal business practices in another country. 23.Many firms conduct surprise audits to increase the odds of detecting unethical behavior. 24.The Sarbanes-Oxley.
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31.Which one of the following best represents a controllable benefit for a manufacturing plant? A.Reduce the number of security guards during holiday periods. B.Increasing the selling price of the company’s best selling product by $1.00 per unit. C.Reduce the medical benefit coverage for employees. D.Eliminate one copy machine for the human resources department. 32.Which of.
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114.Using the compound interest tables, answer each of the following questions.Required: a. Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount of the annual payment necessary? b. Joan.
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133.What four conditions must exist in solving measurement problems involving the use of annuities? 134.Explain how the factors in a present value of an ordinary annuity table are converted into the factors in a present value of an annuity due table. 135.What estimations are involved in present value measurements? 136.The FASB Statement of.
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Short Answer   1.What does it mean for a cost or benefit to be controllable? 2.How is value related to controllable costs and benefits? 3.What does it mean for a cost or benefit to be relevant? 4.When is a controllable cost relevant? When is a controllable cost not relevant? 5.Why does time influence the controllability of.
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52.Margaret will receive an insurance settlement of $3,000,000 in five years. Randall is willing to give her a lump sum today in return for the payment in five years. If current interest rates are 12% per year, how much will Margaret receive today? a. $960,637 b. $1,702,281 c. $1,116,790 d. $1,800,000 53.Tessa won the lottery for $2,500,000 but due.
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61.Which of the following best describes the nature of control decisions of the planning and control cycle? A.Deciding which products to sell. B.Evaluating future advertising based on the effectiveness of a past ad campaign. C.Creating a management report that is typically not reviewed. D.Giving employees pay increases without regard to performance. 62.The primary role of.
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8.Referring to an experience that we are sometimes forced to endure, we often find ourselves saying things like, “That wasn’t too bad.” What is the implicit plan in this statement? What is the control aspect?  What implications does the assessment have for subsequent plans? 9.Control can apply to situations in which.
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72.Jessie's Dry Cleaner began making $2,000 equal, annual deposits in a fund starting on January 2, 2016. The fund earns 10% compounded annually, and the last deposit is made on January 2, 2020. How much will be in the fund on January 2, 2021, one year after the final deposit? a. $15,000 b. $13,431 c. $12,105 d. $10,641 73.You.
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42.The future value of $7,000 deposited today and compounded semiannually at an 9% annual interest rate for four years is a. $9,955. b. $9,520. c. $8,100. d. $7,920. 43.Maxine has $1,000 to invest today. How much will her money be worth in 15 years if she earns 9% compounded semiannually on her money? a. $3,745 b. $13,268 c. $3,642 d. $1,935 44.The future value of $50,000 deposited today.
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After years of working for others, Gina Matheson has decided to open her own florist shop. Over time, Gina has gained considerable experience in the nuances of selling flowers and flower arrangements in the retail market. She also has developed good contacts with flower wholesalers. She currently is contemplating the.
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51. Which one of the following is the best example of an organizational goal? A.Ensuring that costs exceed benefits. B.Maximizing shareholder value. C.Paying significant dividends. D.Launching a new product that is known to have potential defects. 52.Which of the following is not a stage in the planning and control cycle? A.Implementing. B.Evaluating. C.Revising. D.Measuring. E.All of the above are stages.
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41.Which of the following is something owners might do to influence employees to achieve organizational goals? A.Maintain policies and procedures to define acceptable behavior. B.Have incentive schemes and performance evaluations to motivate employees to consider organizational goals. C.Monitor to enforce policies and procedures. D.Both A and B. E.A, B and C are things owners might.
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Who are the primary users of managerial accounting information? What types of decisions do these people make? What are the key differences between financial and managerial accounting? How does ethics fit into the Decision Framework? What law prohibits managers in the United States from giving or taking bribes, even if it is the.
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Exercises Toys Ahoy! has 1,000 action figures in inventory that cost $6.25 per unit to produce. Due to changing consumer preferences, the sales department is having great difficulty selling the action figures, and Toys Ahoy! must choose between two options. Option 1—scrap (dispose of) the action figures at a total cost.
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TRUE/FALSE 1.The Decision Framework applies to all business-related decisions, but not to personal decisions. 2.Business decisions generally have few options. 3.Every option in making a decision presents a unique trade-off between benefits and costs. 4.Effective decision makers ensure that the value of the chosen decision option exceeds its opportunity cost. 5.The value of an option.
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MULTIPLE CHOICE 21.Controllable costs are: A.Costs that a decision maker chooses to incur, relative to doing nothing. B.The incremental expenditures relative to current expenditures. C.Not relevant. D. Both A and B. E.A, B and C. 22.Relevant benefits are: A.The controllable benefits that differ across decision options. B.Past expenditures that cannot be changed. C.Benefits that do not change as the volume.
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1.The following table lists five decisions you might encounter as owner of a dance studio when determining whether to add a class of South American steps to their offerings.  Required: Indicate by placing an “X” in the appropriate column whether each of the following items describes a controllable or non-controllable cost. .
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82.Charlie's Construction Co. acquired a new $800,000 backhoe on April 1, 2014. Charlie's will make six annual payments based upon 8% interest compounded annually, starting on March 31, 2015. How much will each payment be? a. $504,136 b. $173,052 c. $160,234 d. $109,052 83.?Stacey has $5,000,000 on deposit in a fund that earns 9% interest compounded annually. How much.
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41.Which one of the following is the best example of a long-term decision for management of a manufacturing company? A.Increasing the amount of caffeine in the company’s soft drink products.  B.Eliminating excessive use of company supplies. C.Building an assembly line for its energy drinks. D.Removing manufacturing byproducts that are deemed hazardous for storage. 42.Which.
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Problems Your roommate, Jerry, has used his credit card to excess and has realized that the interest he is paying is outrageous.  He decides to get a part-time job for the remainder of the semester.  He has three job opportunities.  First, he has been offered a tutoring position with the athletic.
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51.Which of the following is the best example of a variable cost? A.Monthly loan payment on a plant generator. B.Labor cost for plant employees. C.Lease payment for the office copy machine. D.General Manager’s salary. 52.In June, Ace Manufacturing Plant produced 100 units of propane canisters for sale. The total variable costs were $5,000 and the.
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What three methods do organizations use to motivate employees to achieve firm goals? What are planning decisions? What are control decisions? What are the stages of the planning and control cycle? What is the primary role of accounting? Who are the primary users of financial accounting information? What types of decisions do these people.
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107.Using the present value tables, solve the following problems. ? Required: 1) What is the present value of a $100,000 loan issued on January 1, 2016, due on January 1, 2021, discounted at 14% compounded annually? ? 2) What is the present value of a $100,000 loan issued on January 1, 2016, due on July.
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11.Control decisions relate to motivating, monitoring, and evaluating performance. 12.Examining past performance is not involved in control decisions. 13.The planning and control cycle is a long-term cycle normally taking months to complete. 14.Planning decisions relate to choices about acquiring and using resources to deliver products and services to customers. 15.The planning and control cycle.
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MULTIPLE CHOICE 31.Which of the following is not one of the four steps in the decision making process? A.Specify the decision problem, including the decision maker’s goals. B.Identify options. C.Separate routine decision problems from non-routine decision problems. D.Measure benefits and costs to determine the value of each option. E.Make the decision, choosing the option with the.
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81.Which of the following is not a correct statement regarding the Institute of Internal Auditors (IIA)? A.Offers a certification that designates an accounting professional as Certified Financial Manager. B.Advocates the value of internal auditing. C.Provides education on best practices in internal auditing. D.Provides leadership for the global professional of internal auditing. E.All of the above.
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141.An accounting student has just been introduced to present value analysis and comes to you with the following question, "How is present value used in the financial statements?" ? Required: ? Give the student examples of financial statement accounts that are stated at present value and explain the advantages of using present value for.
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92.On June 1, 2016, Molser Company acquired a new machine by agreeing to pay five equal annual payments of $20,000, with the first payment due that day. Assuming an interest rate of 14% compounded annually, Molser should record the acquisition cost of the machine as a. $68,662. b. $78,274. c. $87,719. d. $100,000. 93.Norah has $2,000,000 in her retirement.
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Short Essay You are about to graduate from college, and you have been fortunate to receive three job offers.  How will you make your decision? Briefly discuss your goals and how you would rank your options. 2.Enlarging the number of options available can never reduce opportunity cost. Is this true?   3.Jessica Wilde works.
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71.Which of the following is not a provision of The Foreign Corrupt Practices Act of 1977? A.It prohibits managers from giving bribes to foreign officials. B.It requires firms to maintain internal control systems to properly execute and record all transactions. C.It provides for penalties, including fines and jail time, for executives who knowingly.
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Canterbury and Hester, CPAs, provide tax service to small businesses and individuals.  Their business is growing and tax season is approaching.  They have asked you to help them classify several actions or decisions within the context of the planning and control cycle:  Plan, Implement, Evaluate, and Revise. Required: Classify by placing and.
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118.Match the diagrams with the concepts by writing the identifying letter of the diagram on the blank line to the left of the concept. "VAL" represents the value to be calculated. Concept ___ 1. Future value of $1 ___ 2. Present value of $1 ___ 3. Future value of an annuity due of $1 ___ 4. Future value of an ordinary annuity of.
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11.The core idea underlying estimation is that costs and benefits are the result of performing activities. 12.The principles of timeliness and traceability underlie the estimation of costs and benefits. 13.The principles of variability and traceability underlie the estimation of costs and benefits.A fixed cost does not change as the volume of activity.
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Many firms in the retail industry use “mystery shoppers” to evaluate the quality of their stores and employees. In addition, audit staff for fast-food restaurants such as McDonald’s and Burger King use extensive checklists to evaluate the degree to which their franchisees are complying with company policies. On these unannounced.
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104.Using the compound interest tables, answer the following questions. Required: a. How much will be accumulated on January 1, 2018 if $450,000 is deposited on January 1, 2014, and interest is compounded annually at 10%? b. How much will be accumulated on December 31, 2024 if $80,000 is deposited on December 31, 2014, and the.
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TRUE/FALSE 1.The benefits and costs that arise from the decision-maker’s choice of a particular option are controllable. 2.Because they seek to maximize profit, commercial organizations measure the value of a decision option as the change in profit relative to change in revenue. 3.The principle of relevance helps decision makers compare options by focusing.
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Short Answer   What are the four steps in decision making? Why do individuals’ goals differ? What is the value of a decision option? What is the opportunity cost of a decision option? What is an organization? What is the key difference between decision making in organizations and decision making by individuals? .
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128.In what situations would a company use present or future value? 129.What is the difference between simple interest and compound interest? 130.What are the five steps that can be applied to all of the time value of money techniques to assist in calculations? 131.What is the formula to compute the future value of.
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5.What do you believe are the organizational goals of a nonprofit hospital, a university, and an honor society? 6.Why do organizations pay commissions to salespeople?  What are the advantages and disadvantages of paying sales commissions from an organization’s point of view? 7.Special Forces such as the Navy SEALs and the Army Rangers.
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32.FASB’s Statement of Financial Accounting Concepts No. 7 provides general principles governing the use of present value and the objectives of present value accounting measurements. a. True b. False 33.To compare the value of amounts received at different times in the future, dollar amounts a. may be restated to their present value through discounting or restated to.
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